Whatnot is proving that there is still room for consumer startups in the age of AI. Live shopping startup Whatnot is in talks to raise financing at a valuation of about $20 billion, according to people familiar with the matter. This would be a significant jump from the $11.5 billion valuation at which the company
Meta’s AI strategy once again worries investors. Shares of the social media giant fell 10% on Wednesday after revealing that its capital spending growth far outpaced revenue growth. Meta has a central problem: much of this spending still has no financial return. About 98% of Meta’s revenue still comes from its traditional advertising business, according
Microsoft kept its capital spending forecast unchanged on Wednesday, becoming one of the first data center giants to maintain control of the industry’s rampant AI spending. Shares rose about 8% on the news. Earlier this year, the company said it planned to spend $190 billion on capital expenditures this calendar year. On Wednesday’s earnings call,
Many Americans are very concerned about AI. Can Mark Zuckerberg change his mind? That’s what Meta’s CEO is trying to do, through a persuasion campaign: Last week, the company released an ad, set to a David Bowie song, telling viewers to ignore “some people” who don’t like AI. Zuckerberg followed up a Wall Street Journal
A major test for the market’s AI trading is here in the form of Big Tech earnings, and Meta will be next. Along with Microsoft, the social media giant will report its second-quarter results after the closing bell on Wednesday. Meta is one of the “hyperscalers” spending huge sums of money on its AI projects,
Zohran Mamdani’s city-run grocery store chain, one of his most notable campaign promises, will offer deeply discounted kitchen staples. With overwhelming overhead costs, some local businesses may struggle to compete. The mayor said stores will offer a 30% discount on the “most common and critical foods for families,” such as fresh produce, meat and dairy.
